News: QBE UPDATE 1-Australia's QBE Insurance's first-half profit jumps more than eight-fold

(Adds details on results in paragraphs 2-8)

Aug 10 (Reuters) - Australia's QBE Insurance Group (QBE) posted a more than eight-fold jump in its first-half profit on Thursday, as higher income from premiums offset the drag from catastrophe-related claims.

The company's gross written premiums grew 10.6% to $12.80 billion for the first half of fiscal 2023.

QBE's net investment income for the period was $461 million, compared with a loss of $874 million a year earlier.

Investment income for insurers rose on a rebound in markets this year after a tepid 2022.

But the company paid out catastrophe-related claims due to violent storms and hail in several parts of the United States in late-June.

"While underwriting performance was challenged by catastrophe events, we are encouraged by our ongoing business momentum and remain confident in the outlook," Chief Executive Andrew Horton said.

Australia's biggest insurer by market cap paid out $699 million in catastrophe-related claims over the first half.

Still, the company's net profit after tax soared to A$400 million for the six months ended June 30.

It reported a combined operating ratio of 98.8%, compared with 94.9% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.